As a seasoned crypto investor, I’ve seen firsthand how the regulatory environment can make or break our industry. The Winklevoss brothers’ accusations against the Biden Administration for their alleged war against crypto resonate with me deeply. I’ve witnessed numerous instances where well-intentioned companies have been forced to shut down due to regulatory uncertainty and pressure from federal agencies.
The Winklevoss brothers, Tyler and Cameron, who are the founders of Gemini, have declared their intent to contribute $1 million each in Bitcoin to the campaign of the former US President, Donald Trump.
Two individuals have openly expressed their backing for Trump in the November election, voicing critique towards the Biden administration for allegedly using various government departments to intimidate and litigate against the cryptocurrency sector.
Biden Administration War Against Crypto
In a post on June 20, Tyler Winklevoss announced that he had donated $1 million in Bitcoin (equivalent to 15.47 BTC) to @realDonaldTrump and planned to support him in the upcoming November elections. He criticized the Biden administration for waging a “hostile campaign” against cryptocurrencies, using various federal agencies to weaken the industry.
As an analyst, I’d rephrase that as: Winklevoss highlighted his concern over “Operation Choke Point 2.0,” a term he used to describe perceived actions taken by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). These actions allegedly aimed to dissuade banks from working with cryptocurrency businesses.
I recently made a charitable contribution of approximately 15.47 Bitcoins, equivalent to one million dollars, to the account of @realDonaldTrump. In the upcoming election, I have decided to cast my vote in his favor for the following reasons: [Explanation follows].
Over the last several years, the Biden Administration has taken a firm stance against cryptocurrencies, utilizing various government entities to exert pressure through intimidation and harassment.
— Tyler Winklevoss (@tyler) June 20, 2024
As a researcher, I’ve uncovered information suggesting that certain regulatory agencies have applied pressure on banks in private meetings, leveraging their regulatory authority to discourage those institutions from continuing to offer services to cryptocurrency firms.
I explained that the dialogue continued as follows: “You have a fine bank there. It would be unfortunate if anything were to befall it since you serve crypto clients,” he added. Tyler argued that such tactics compel banks to make a difficult decision: either cut ties with crypto businesses or face regulatory consequences, thereby hindering the industry’s growth.
SEC’s Crypto Policies and Biden’s Business Antagonism
The brothers voiced their disapproval towards the Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies. According to Tyler, the SEC’s lack of definitive guidelines for the sector has enabled it to apply antiquated regulations like the Howey Test from a 1946 Supreme Court ruling, which classifies most cryptocurrencies as securities in their view. This classification leads to legal uncertainties and hinders the advancement of innovation within the industry.
“Tyler criticized the Biden SEC, claiming they were making it impossible for crypto businesses to follow regulations and then threatening lawsuits. He argued that this tactic obstructs progress in the industry and results in unnecessary financial expenditures due to prolonged legal disputes.”
I share his criticism of what I perceive as the Biden administration’s broader hostility towards American businesses and thriving industries. In my opinion, they are overreaching for control and seeking political advantage at the potential cost of the US economy.
Tyler ended by emphasizing, “President Donald J. Trump is the candidate who supports Bitcoin, cryptocurrencies, and businesses.” He urged the “crypto community” to unite behind Trump, implying that casting a ballot for him would be a stand against the present administration’s perceived excessive regulations and antagonistic stance towards the crypto sector.
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2024-06-21 11:30